ICL, a leading global mineral and chemical company, announced yesterday it has acquired Custom Ag Formulators (CAF), a North American provider of customized agriculture formulations and products for growers, for approximately $60 million. CAF offers a diverse assortment of liquid adjuvants and enhanced nutrients, as well as various other specialty products. This latest Growing Solutions acquisition, the second of 2024, advances ICL’s stated goal of targeting acquisitions to expand its Growing Solutions product offerings and to position the business for further growth in new and adjacent end-markets.
“We are pleased to have Custom Ag Formulators join ICL and bring their expertise to our customers in the U.S.,” said Elad Aharonson, president of ICL Growing Solutions. “This acquisition helps further the growth of our global Growing Solutions business, by enabling us to meet the distinctive needs of local growers through our existing distribution partners. It also allows us to address the specific requirements of farmers across the growing regions of the West Coast and the Southeast, where crops – and their nutritional needs – can vary greatly.”
CAF offers customized agricultural formulations and packaging and operates two U.S.-based facilities, with one in Fresno, California, and a second in Adel, Georgia. Both sites manufacture liquid and dry formulations, and their strategic locations mean CAF can ship same day to key growing regions on both the East and West Coasts and to the Central U.S.
“Custom Ag Formulators was founded to provide quality products with custom formulations and packaging in a timely and efficient manner,” said Patrick Murray, principal and director of sales for Custom Ag Formulators. “For more than 25 years, our mission has been to consistently lead the industry in customer service, quality and product innovation, and we are excited to move this mission forward with ICL Group.”
About ICL
ICL Group is a leading global specialty minerals company, which creates impactful solutions for humanity's sustainability challenges in the food, agriculture and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its global professional workforce, and its sustainability focused R&D and technological innovation capabilities, to drive the company's growth across its end markets. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs more than 12,000 people worldwide, and its 2023 revenues totaled approximately $7.5 billion.
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